28 May 2025 | 6:02AM CEST Powering Up Europe Domestic, defensive and growing; a new era for Utilities Domestic, defensive and growing. Utilities operate predominantly domestic businesses with a large share of regulated or contracted profits (i.e., defensive). We expect the industry to positively surprise on organic growth, thanks to: (1) the inflection in power demand; (2) a pivot in capital allocation; and (3) the secular need to modernize the entire power system. In this context, we believe Utilities may ...